Nigeria Finmin: Economy to shrink 8.9% in worst case scenario
Nigeria’s Minister for Finance, Budget and National Planning, Zainab Ahmed says Nigeria's economy could shrink by as much as 8.9 per cent this year in a worst-case scenario without stimulus.
Fri, 22 May 2020 14:04:38 GMT
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AI Generated Summary
- The global economic downturn, exacerbated by the COVID-19 pandemic, is projected to have a significant impact on Nigeria's economy, with potential contractions ranging from best to worst-case scenarios.
- The investment climate in Nigeria is shrouded in uncertainty, particularly concerning FDI inflows and the effectiveness of monetary policy responses in light of rising inflation.
- Stimulus measures and proactive government interventions are crucial to stabilizing the economy and fostering recovery amidst challenging economic conditions.
Nigeria's Minister for Finance, Budget and National Planning, Zainab Ahmed, has raised concerns about the potential impact of the global economic downturn on Nigeria's economy. In a recent interview on CNBC Africa, Ahmed discussed various scenarios that could unfold, painting a bleak picture of the country's economic prospects in the face of the ongoing COVID-19 pandemic. With the possibility of an 8.9% contraction looming in a worst-case scenario, the Minister emphasized the need for stimulus measures to mitigate the economic fallout. These projections have sparked debates about the investment climate in Nigeria, particularly regarding foreign direct investment (FDI) and monetary policy responses. Pabina Yinkere, Chief Investment Officer at Sigma Pensions, weighed in on these discussions, shedding light on the factors influencing market trends and expectations amidst the uncertainty.
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